<SEC-DOCUMENT>0001171200-20-000514.txt : 20200806
<SEC-HEADER>0001171200-20-000514.hdr.sgml : 20200806
<ACCEPTANCE-DATETIME>20200806170730
ACCESSION NUMBER:		0001171200-20-000514
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200806
DATE AS OF CHANGE:		20200806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States 12 Month Natural Gas Fund, LP
		CENTRAL INDEX KEY:			0001405513
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				260431733
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-230583
		FILM NUMBER:		201082670

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
</SEC-HEADER>
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<TYPE>424B3
<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>Filed pursuant to
Rule 424(b)(3)<BR>
File No. 333-230583</B></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES 12 MONTH NATURAL GAS FUND, LP</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Supplement dated August 6, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">to <BR>
Prospectus dated April 27, 2020</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36.55pt">This supplement contains
information that amends, supplements or modifies certain information contained in the prospectus of United States 12 Months Natural
Gas Fund, LP (&ldquo;UNL&rdquo;) dated April 27, 2020 (the &ldquo;Prospectus&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36.55pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.4pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.4pt">You should carefully read the Prospectus and
this supplement before investing. This supplement should be read in conjunction with the Prospectus. <I>You should also carefully
consider the &ldquo;Risk Factors&rdquo; beginning on page 4 of the Prospectus before you decide to invest.&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5pt">The subsection of the
Prospectus titled &ldquo;Litigation and Claims&rdquo; under the section of the Prospectus titled &ldquo;Legal Matters&rdquo; appearing
on page 38 of the Prospectus is deleted in its entirety and replaced with the following:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Litigation and Claims </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Lucas Class Action</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in">On June 19, 2020, USCF,
USO, John P. Love and Stuart P. Crumbaugh were named as defendants in a purported stockholder class action initiated by Robert
Lucas, individually and on behalf of others similarly situated (the &ldquo;Lucas Class Action&rdquo;). The Lucas Class Action is
pending in the U.S. District Court for the Southern District of New York as Civil Action No. 1:20-cv-04740.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in">The Lucas Class Action
complaint alleges that, beginning in March 2020, in connection with USO&rsquo;s registration and issuance of additional USO shares,
USCF, USO, and the other defendants in the Lucas Class Action failed to disclose to investors in USO certain extraordinary market
conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic
and the Saudi Arabia-Russia oil price war. Plaintiff alleges that USCF, USO, and the other defendants in the Lucas Class Action
possessed inside knowledge about the consequences of these converging adverse events on USO and did not sufficiently acknowledge
them until late April and May 2020, after USO suffered losses and was allegedly forced to abandon its investment strategy. The
complaint seeks to certify a class and award the class compensatory damages at an amount to be determined at trial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 33.9pt">USCF, USO and the other defendants in the Lucas
Class Action intend to vigorously contest such claims and move for their dismissal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Wang Class Action</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in">On July 10, 2020, USO
was named as a defendant in a putative stockholder class action initiated by Momo Wang, individually and on behalf of others similarly
situated, against defendants USO, USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F. Ngim, Robert L. Nguyen,
Peter M. Robinson, Gordon L. Ellis, Malcolm R. Fobes III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities LLC, Citigroup
Global Market Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs &amp; Company, JP Morgan Securities
Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley &amp; Company Inc., Nomura Securities International Inc., RBC Capital
Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC (the &ldquo;Wang Class Action&rdquo;).
The Wang Class Action is pending in the U.S. District Court for the Northern District of California as Case No. 3:20-cv-4596.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in">The Wang Class Action alleged that, beginning
in March 2020, in connection with USO&rsquo;s registration and issuance of additional USO shares, defendants in the Wang Class
Action failed to disclose to investors in USO certain extraordinary market conditions and the attendant risks that caused the demand
for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The plaintiff
alleged that defendants in the Wang Class Action possessed inside knowledge about the consequences of these converging adverse
events on USO and did not sufficiently acknowledge them until late April and May 2020, after USO suffered losses and was allegedly
forced to abandon its investment strategy. The putative stockholder class action was pending in the U.S. District Court for the
Northern District of California as Case No. 3:20-cv-4596 but was voluntarily dismissed effective August 4, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Ephrati Class Action</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in">On July 31, 2020, USCF,
USO, John P. Love and Stuart P. Crumbaugh were named as a defendant in a purported stockholder class action initiated by Moshe
Ephrati, individually and on behalf of others similarly situated (the &ldquo;Ephrati Class Action&rdquo;). The Ephrati Class Action
is pending in the U.S. District Court for the Southern District of New York as Civil Action No. 1:20-cv-06010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in">The Ephrati Class Action
complaint alleges that beginning in March 2020, in connection with USO&rsquo;s registration and issuance of additional USO shares,
USCF, USO and the other defendants in the Ephrati Class Action failed to disclose to investors in USO certain extraordinary market
conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic
and the Saudi Arabia-Russia oil price war. Plaintiff alleges that USCF, USO and the other defendants in the Ephrati Class Action
possessed inside knowledge about the consequences of these converging adverse events on USO and did not sufficiently acknowledge
them until late April and May 2020, after USO suffered losses and was allegedly forced to abandon its investment strategy. The
complaint seeks to certify a class and award the class compensatory damages at an amount to be determined at trial. Since this
stockholder class action makes the same substantive claims made against the same defendants in the Lucas Class Action, it is expected
that these two stockholder class actions will be consolidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in">USCF, USO and the other
defendants in the Ephrati Class Action intend to vigorously contest such claims and move for their dismissal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.05pt">USCF may have additional
actions filed against it based on similar allegations as those that were made in the Lucas Class Action, Wang Class Action and
Ephrati Class Action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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